Circle to Launch Global Payments Network, Eyes Cross-Border Remittances

• Circle CEO will reportedly lay out his plans for the stablecoin giant’s future in the payments industry.
• Fireblocks has discussed the movement of billions of dollars via payments service providers.

A new payments and cross-border remittance network will be launched on Tuesday from Circle’s posh New York City offices, located on the 87th Floor of One World Trade Center. The corporation is known for its $60 billion USDC stablecoin. This is the “next product move” of Circle.

Financial technology companies, banks, payment processors, money remittance companies, and USDC key partners are the intended attendees of the launch event. In it, Circle CEO Jeremy Allaire will reportedly lay out his plans for the stablecoin giant’s future in the payments industry.

Targeting Remittances

Moreover, Circle has been in the spotlight alongside bigger competitor Tether as new and emerging rules throughout the world provide opportunities for stablecoins. Therefore, it is reasonable for Circle, a business that has effectively changed direction during its time in the cryptocurrency industry, to want to solidify its position and go back to its origins as a payments provider.

A source familiar with the plans stated:

“Circle is launching a payments network that is initially targeting remittances but is ultimately aiming to rival Mastercard and Visa.”

According to a recent research by venture capital company Andreessen Horowitz, stablecoins have achieved an acceptance level. Where the technology might cause a disruption in worldwide money transfers comparable to WhatsApp and international calls.

Crypto custody tech experts Fireblocks has discussed the movement of billions of dollars via payments service providers. Specifically mentioning cross-border transfers made using stablecoins like USDC and USDT.

Recently, Circle made headlines when it declared its intention to go public in the United States. Only to delay the IPO date due to volatile and unpredictable market circumstances.

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